Heat the milk in a small saucepan over medium heat until it begins to steam. Avoid bringing it to a boil.
Stir in the white chocolate chips until they are fully melted and incorporated into the milk.
Add the sweetener and stir until completely dissolved.
Mix in the red food coloring, adjusting the number of drops for your preferred shade. Stir thoroughly to distribute the color evenly.
Continue heating the mixture for 2-3 minutes, stirring occasionally, until it is hot and well combined.
Remove from the heat and carefully pour the hot chocolate into a mug.
Top the drink with whipped cream and garnish with red and pink sprinkles for a festive touch.
Serve immediately and enjoy!